Report: NJ Devils may be sold to attorney Andrew Barroway

A Forbes.com reporter obtained a memo suggesting the New Jersey Devils may be sold to attorney Adnrew Barroway.Star-Ledger Wire Services

The New Jersey Devils may be sold to an attorney who has loaned the team money and expressed a desire to buy it, according to a memo from The National Hockey League, published on Forbes.com.

In the memorandum dated June 27, 2013, the NHL Players Association tells its members that attorney Andrew Barroway has loaned the hockey team $30 million to help with serious cash-flow issues and may buy it.

Here's the excerpt of the memo as it was published on Forbes:

“The New Jersey Devils and the current ownership group headed by Jeff Vanderbeek have recently been experiencing serious cash flow issues. This has resulted in late or missed payments (including required pension and escrow payments) and League intervention and funding. Importantly, we believe that all money owed to Players, including pension and escrow, has now been paid.”

“Recently, the Club was able to arrange a significant infusion of debt capital ($30 million) from an investor that is interested in purchasing the the Club from Vanderbeek. We understand from League officials that the new investor, Andrew Barraway, is currently negotiating with Vanderbeek and thier expectation is that either Barroway or another ownership group will end up owning the team within the next 120 days or so.”

The attorney formerly tried to buy the 76ers from Comcast, according to Forbes. The memo does not say how much debt the team or the arena are in.